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Fair value measurements (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Financial assets and liabilities measured at fair value on a recurring basis | Our financial assets and liabilities are summarized below, with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, other receivables and accounts payable, accruals and other liabilities are considered to be reasonable estimates of or otherwise approximate the fair values.
| Carrying Value |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury, U.S. government corporations and agencies | $ | 4,626 |  |  | $ | 4,626 |  |  | $ | 4,592 |  |  | $ | 34 |  |  | $ | — |
Foreign governments |  | 11,842 |  |  |  | 11,842 |  |  |  | 11,708 |  |  |  | 134 |  |  |  | — |
Corporate and other |  | 1,475 |  |  |  | 1,475 |  |  |  | — |  |  |  | 1,008 |  |  |  | 467 |
Investments in equity securities |  | 283,241 |  |  |  | 283,241 |  |  |  | 273,424 |  |  |  | 11 |  |  |  | 9,806 |
Investments in Kraft Heinz & Occidental common stock |  | 25,073 |  |  |  | 20,998 |  |  |  | 20,998 |  |  |  | — |  |  |  | — |
Loans and finance receivables |  | 29,327 |  |  |  | 28,912 |  |  |  | — |  |  |  | 396 |  |  |  | 28,516 |
Derivative contract assets (1) |  | 184 |  |  |  | 184 |  |  |  | 28 |  |  |  | 142 |  |  |  | 14 |
Derivative contract liabilities (1) |  | 142 |  |  |  | 142 |  |  |  | 12 |  |  |  | 85 |  |  |  | 45 |
Notes payable and other borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance and other |  | 45,617 |  |  |  | 41,048 |  |  |  | — |  |  |  | 41,015 |  |  |  | 33 |
Railroad, utilities and energy |  | 81,626 |  |  |  | 76,115 |  |  |  | — |  |  |  | 76,115 |  |  |  | — |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury, U.S. government corporations and agencies | $ | 4,459 |  |  | $ | 4,459 |  |  | $ | 4,425 |  |  | $ | 34 |  |  | $ | — |
Foreign governments |  | 9,362 |  |  |  | 9,362 |  |  |  | 9,199 |  |  |  | 163 |  |  |  | — |
Corporate and other |  | 1,543 |  |  |  | 1,543 |  |  |  | — |  |  |  | 1,041 |  |  |  | 502 |
Investments in equity securities |  | 271,588 |  |  |  | 271,588 |  |  |  | 261,910 |  |  |  | 10 |  |  |  | 9,668 |
Investments in Kraft Heinz & Occidental common stock |  | 30,682 |  |  |  | 23,047 |  |  |  | 23,047 |  |  |  | — |  |  |  | — |
Loans and finance receivables |  | 27,798 |  |  |  | 27,579 |  |  |  | — |  |  |  | 810 |  |  |  | 26,769 |
Derivative contract asset s (1) |  | 201 |  |  |  | 201 |  |  |  | 33 |  |  |  | 158 |  |  |  | 10 |
Derivative contract liabilities (1) |  | 234 |  |  |  | 234 |  |  |  | 15 |  |  |  | 143 |  |  |  | 76 |
Notes payable and other borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance and other |  | 44,885 |  |  |  | 40,181 |  |  |  | — |  |  |  | 40,158 |  |  |  | 23 |
Railroad, utilities and energy |  | 79,877 |  |  |  | 72,506 |  |  |  | — |  |  |  | 72,506 |  |  |  | — |
—————— (1) Assets are included in other assets, and liabilities are included in accounts payable, accruals and other liabilities of railroad, utilities and energy.
Reconciliations of significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) | Reconciliations of significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follow (in millions).
| Balance at January 1 |  |  | Gains (losses) in earnings |  |  | Balance at September 30 |
Investments in equity securities: |  |  |  |  |  |  |  |
2025 | $ | 9,663 |  |  | $ | 136 |  |  | $ | 9,799 |
2024 |  | 10,468 |  |  |  | (699 | ) |  |  | 9,769 |
Fair value assets and liabilities measured on recurring basis, unobservable inputs, additional information | Quantitative information as of September 30, 2025 for the significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (dollars in millions).
| Fair Value |  |  | Principal Valuation Techniques |  | Unobservable Inputs |  | Weighted Average
Investments in equity securities: |  |  |  |  |  |  |  |
Preferred stock | $ | 8,780 |  |  | Discounted cash flow |  | Expected duration |  | 4 years
|  |  |  |  |  | Discounts for liquidity and subordination |  | 325 bps
Common stock warrants |  | 1,019 |  |  | Warrant pricing model |  | Expected duration |  | 5 years
|  |  |  |  |  | Volatility |  | 43%

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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